The actor is officially set to reprise his role as secret agent Ethan Hunt in the fifth installment of the action franchise after inking a deal with Paramount Pictures and Skydance Productions, reports Deadline.

Cruise could re-team with Christopher McQuarrie - who directed him in last year's 'Jack Reacher' - on the project as the director is reportedly set to helm the film, however, Paramount has yet to finalise a writer/director.

The new film would follow 2011's hit blockbuster 'Mission: Impossible - Ghost Protocol' which was well received by critics and earned nearly $700 million worldwide. That film was directed by Brad Bird and saw 'Avengers' star Jeremy Renner join the franchise while Simon Pegg reprised his role as technician Benji Dunn.

Meanwhile, Paramount and Skydance are also reportedly mulling a sequel to action flick 'Jack Reacher', which grossed over $200 million.

Cruise - who was most recently seen in sci-fi blockbuster 'Oblivion' - has also signed on to star in a big screen adaptation of TV show 'The Man from U.N.C.L.E.' The Warner Bros. production will co-star Armie Hammer and will be directed by Guy Ritchie.